University President Brian Linnane said the school exhausted all other options for cutting costs without compromising on education quality.

"It should be known that each position that was eliminated was considered carefully, strategically and objectively, with the greatest concern for how we can best operate as a university," Linnane said in a statement. "The elimination of these positions in no way reflects on the dedication these employees demonstrated throughout their time at Loyola. I extend my deepest gratitude and best wishes to them."

The positions were eliminated this week. The president said in his statement that the employees who were laid off will get a severance package and be offered outplacement services.

Officials said the affected employees are all staff and administrators. No faculty positions were cut.